Morrisons back on the upswing!

Morrisons are back on the up, and say that their rebuilding plans are coming to fruition, after the supermarket returning to annual profit, after last year's £792m loss.

The company reported a pre-tax profit of £217m for the year to 31st January, which will have been helped by the closing of supermarkets that weren't performing very well. There was also the selling off of their convenience store operation too.

Even so, Morrisons have said that there's been more people through their doors, reporting an improvement in same-store sales. In the final quarter, the supermarket saw sales grow, and did particularly well over the Christmas period.

New chief executive David Potts, said: "By improving the shopping trip for customers, we have started the journey to turnaround the business and make our supermarkets strong. Our listening programme is informing and shaping the six priorities that are now driving the improvements that customers are noticing."

"Our strong balance sheet and cash flow provide the platform for turnaround and growth, but what makes us truly unique as food maker and shopkeeper is the personality and dedication of our thousands of colleagues. I am confident these strengths will help us fix, rebuild and grow Morrisons."

Potts is right that there's still work to be done at Morrisons, but this is very encouraging for a business that looked all but dead in the water not too long ago.

Last month, Morrisons confirmed that they'd done a deal with Amazon, to supply them with groceries, as well as expanding their partnership with Ocado with their online delivery service.